Review of Wells Fargo Cash Back Card



The Wells Fargo Cash Back Card was last reviewed on: 12th March 2005

Summary - The Wells Fargo Cash Back card has a tiered rebate formula. You will earn up to 1% cash rebate once your monthly purchases in a billing cycle exceeds $450. The first $450 purchases will earn a lower cash rabate percentage. (see table below). You can earn up to $500 in cash rebates in a calender year. You can redeem your cash rebate once you have earned $20 (in $20 increments).

There is no annual fee for the Wells Fargo Cash Back Card. The apr ranges from prime rate plus 5.15% (low) to 16.75%. You get a 0% to 5.90% introductory apr for 6 billing cycles on both purchases and balance transfers. The introductory rate will depend on their assessment of your credit. There is no balance transfer fee if you transfer your balance within 30 days.

I cannot recommend this card because of the fact that you can only earn 1% rebate only when your monthly spending exceeds $450. This is the first cash back credit card we have come across with a tiered formula based on monthly expenditure. You should consider other non-tiered rebate cards like the Citi Dividend Platinum Select Card, which pays 5% rebate on "everyday purchases" and 1% for other purchases.

Positives
  • No annual fee
  • Low apr if you qualify


Negatives
  • Tiered formula based on monthly spending


Wells Fargo Cash Back Card Rebate Formula
0.25% for first $150 in purchases during billing cycle
0.50% for next $150 in purchases ($151-$300) during billing cycle
0.50% for next $150 in purchases ($301-450) during billing cycle
1.00% for purhases beyond $450 that has been charged during billing cycle


Wells Fargo Cash Back Card
Reward Benefits
Signing Bonus No signing bonus
Rebate Percentages Tiered rebate system
Earn up to 1% rebate on net purchases
1% rebate is achieved after on purchases in excess of $450 during billing cycle
Credit Limits nr
Caps on Rewards $500 a year in cash rebate
Cash Rebate Expiration no expiration
Method of Cash Rebate checks issued in increments of $20 when requested
Travel and Insurance Benefits
Enrollment is accidental death and disembursement insurance
Other Benefits
Free online account management
Overdraft protection
Pay bills with Well Fargo Cash Back card
Automatic payment
Cost/Fees/Interest rates
Introductory rate Intorductory APR of between 0% and 5.9% for 6 billing cycles depending on credit worthinesss (purchase and balance transfers
Annual Fees No annual fee
Purchase APR Prime Rate plus 5.15% to 16.75%
Balance Transfer APR Prime Rate plus 5.15% to 16.75%
Cash Advance APR Prime Rate plus 15.24%, min 19.99%
Penalty/Default Rate APR Prime Rate plus 23.9%
Min Finance Charge $2.00
Grace Period 20 to 25 days
no grace period for balance transfers
Balance Calculation Method Average Daily Balance (including new purchases)
Balance Transfer Fee 3%, min $5.00, max $50.00, $0 for first 30 days
Convenience checks fee 4%, min $5.00
ATM Cash Advance fee 4% min $5.00
Other Cash Advance fee 4%, min $10.00 for ATM withdrawals from other financial institutions
4%, min $20.00 from other sources
Foreign Currency Conversion fee 2%
Over-the-credit-limit fee $35.00
Late Payment fee $20.00 - up to $100
$29 - $100 up to $1000
$35.00 - $1000 and greater



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